‘Challenges and opportunities are interlinked’: revenue growth cools slightly at Ashurst as profits stall

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‘Challenges and opportunities are interlinked’: revenue growth cools slightly at Ashurst as profits stall

Ashurst has marked its seventh consecutive year of revenue growth, with a 10% increase in turnover for 2022/23 from £798m to £879m. While this represents slower growth than than last year’s 12% jump, this is still above its seven-year average of 8% annual growth.

However, PEP was down very slightly: £1.17m, compared to £1.175m last year. This stalling  stands in contrast to last year’s 13% increase, though it is offset by an increase in partner headcount, from 447 last year to 469 this year. The firm made 28 lateral hires in the last financial year, and lost six partners, for a net gain of 22. Continue reading “‘Challenges and opportunities are interlinked’: revenue growth cools slightly at Ashurst as profits stall”

Financials 2022/23: Taylor Wessing sustains global growth for fifth year in a row

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Financials 2022/23: Taylor Wessing sustains global growth for fifth year in a row

With the financial reporting season in full swing, Taylor Wessing has unveiled its latest results, becoming a €500m firm for the first time.

The firm experienced slower growth compared to the previous season, as it did not achieve double-digit growth as it did in 2021/2022. The firm saw a 4% increase in global revenue to £439m in this year’s financial results, up from £420.6m last year, which its highest recorded international revenue to date. Continue reading “Financials 2022/23: Taylor Wessing sustains global growth for fifth year in a row”

Financials 2022/23: HFW posts best-ever results

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Financials 2022/23: HFW posts best-ever results

HFW has posted its best-ever financial results for the financial year 2022/23. After a slight dip of 1% to £198.7m in 2022, revenue climbed by more than 13% to £225.3m. Profit per equity partner and revenue per lawyer were up too: PEP rose by more than 17% to £786,000, while RPL hit £455,000.

In London revenue increased by 16%, accounting for about 40% of the firm’s total revenue. The most impressive increases around the world, meanwhile, were in the Middle East (32%) and Australia (24%). Continue reading “Financials 2022/23: HFW posts best-ever results”

Scottish round up: Brodies and Morton Fraser achieve record breaking revenues, Freeths expands into Scotland

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Scottish round up: Brodies and Morton Fraser achieve record breaking revenues, Freeths expands into Scotland

Brodies has become the first independent Scottish firm to pass the £100m revenue mark.

The LB100 firm posted a turnover of £106.25m, marking an 8% growth compared to last year’s figure of £98.5m. Continue reading “Scottish round up: Brodies and Morton Fraser achieve record breaking revenues, Freeths expands into Scotland”

‘The legal industry isn’t immune’: Profits rise again at Eversheds following record performance in 2022

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‘The legal industry isn’t immune’: Profits rise again at Eversheds following record performance in 2022

Eversheds Sutherland has revealed a 17% increase in its net profit from £150.3m to £175.2m in this year’s financial results. The rate of growth is six percentage points lower than last year’s bumper 23% spike, reflecting the challenges which law firms currently face. Revenue also grew from £678.4m to £730.9m, matching last year’s 8% rise.

In contrast to the significant 26% jump in profit per equity partner (PEP) in 2022, this year’s performance shows a far more modest 4% increase from £1.2m to £1.29m, despite the significantly higher rate of net profit growth. Continue reading “‘The legal industry isn’t immune’: Profits rise again at Eversheds following record performance in 2022”

‘It would be remarkable for us to deliver 20% growth’: Turnover still up at Osborne Clarke following last year’s outstanding performance

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‘It would be remarkable for us to deliver 20% growth’: Turnover still up at Osborne Clarke following last year’s outstanding performance

Osborne Clarke has kicked off this year’s financial reporting season, revealing a 9% international revenue increase from €407m in 2022 to €442m in 2023, which the firm sees as real progress against the backdrop of weaker global economic conditions and a stagnant deals market.

In the UK, the firm’s income also grew by 9% from £199.1m in 2022 to £217.3m, which is a notable contrast to last year’s revenue increase of 19% and 20% respectively for international and domestic growth, and an indicator of the obstacles that many firms are facing. Continue reading “‘It would be remarkable for us to deliver 20% growth’: Turnover still up at Osborne Clarke following last year’s outstanding performance”

‘I want the firm to be more ambitious and more confident’: Stephenson Harwood rebounds with double-digit revenue growth

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‘I want the firm to be more ambitious and more confident’: Stephenson Harwood rebounds with double-digit revenue growth

Stephenson Harwood has reported an 11% rise in turnover to £228m from £206m for 2022/23, the firm’s highest-ever revenue. It comes after the firm reported largely flat financials for the year 2021/22.

This time around, profit per equity partner (PEP) is up 6% to £725,000 from £685,000 in 2021/22. The firm has added 22 equity partners, with 11 lateral hires and 11 internal promotions over the last year, while four partners have retired from the partnership. Continue reading “‘I want the firm to be more ambitious and more confident’: Stephenson Harwood rebounds with double-digit revenue growth”

‘A great year for growth and consolidation’: Keystone’s revenue up in the face of market-wide recruitment difficulties

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‘A great year for growth and consolidation’: Keystone’s revenue up in the face of market-wide recruitment difficulties

Keystone Law has released its financial results for 22/23, reporting a positive 8% revenue increase since last year with a turnover of £75.3m in comparison to last year’s £69.6m. A breakdown of revenue earnings per principal also shows a promising 4% rise to £190k since January 2022.

Although revenue grew, cash generated from the business decreased by 7% from £10m to £9.3m. The figure given for profit before tax (PBT) is £8.4m, the same as 12 months ago, while adjusted PBT is up by 6% to £9.2m. Continue reading “‘A great year for growth and consolidation’: Keystone’s revenue up in the face of market-wide recruitment difficulties”

Ukraine war and currency take toll as PEP drops 20% at White & Case

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Ukraine war and currency take toll as PEP drops 20% at White & Case

White & Case was another firm to post muted financials for the last year, as a bullish 2021 gave way to a 2022 struggling under the weight of a deal slowdown, inflation, high interest rates, supply chain disruptions, and geopolitical conflict.

Global revenue declined by 1% from $2.87bn to $2.83bn, and net income dropped by 11% to $1.09bn. Profit per equity partner (PEP), meanwhile, suffered a significant 20% drop from $3.5m to $2.8m. This took its PEP figure below the $3m mark crossed in 2020, and was the lowest figure reported since 2019 when it hit $2.6m. Continue reading “Ukraine war and currency take toll as PEP drops 20% at White & Case”

Feeling the chill? Kirkland reports just 8% revenue increase for 2022

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Feeling the chill? Kirkland reports just 8% revenue increase for 2022

Often the bellwether for global law firm financials, the world’s highest-grossing firm, Kirkland & Ellis, has posted muted revenue and profit growth for 2022, with turnover up 8% and partner profits up just 2% – its slowest performance year-on-year for some time. 

Kirkland made major waves in the legal sector last year, when a 25% surge in revenue saw it become the first law firm to pass the $6bn revenue mark. Its 2022 financials show a further increase, though a more modest one, with a steady rise of 8% to $6.5bn. This more modest growth was also evident in PEP, which went up 2% to $7.5m, after jumping 19% to $7.4m in 2021. Revenue per lawyer, meanwhile, declined 5%, to $1.9m.   Continue reading “Feeling the chill? Kirkland reports just 8% revenue increase for 2022”